| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
1 | |||||||||
2 | Changes in tax relief for North Sea oil and gas | For each | £100 | invested | |||||
3 | Updated 30 Oct following the Budget | ||||||||
4 | Tax | 1st year Capital allowance relief | Value | Extra investment allowance | Value | Total tax relief | |||
5 | Existing tax regime | £ | £ | £ | |||||
6 | - Ring Fence Corporation Tax (RFCT): | 30% | 100% | 30.00 | 30.00 | ||||
7 | - Supplementary Charge | 10% | 100% | 10.00 | 62.5% | 6.25 | 16.25 | ||
8 | - Energy Profits Levy (EPL) | 35% | 100% | 35.00 | 29% | 10.15 | 45.15 | ||
9 | Link to details | Total tax relief for each £100 of oil & gas investment | 91.40 | ||||||
10 | |||||||||
11 | Change announced for Nov 2024 | ||||||||
12 | - Ring Fence Corporation Tax (RFCT): | 30% | 100% | 30.00 | 30.00 | unchanged | |||
13 | - Supplementary Charge | 10% | 100% | 10.00 | 62.5% | 6.25 | 16.25 | unchanged | |
14 | - Energy Profits Levy (EPL) | 38% | 100% | 38.00 | 0% | - | 38.00 | See notes | |
15 | Link to details | Total tax relief for each £100 of oil & gas investment | 84.25 | ||||||
16 | |||||||||
17 | NOTES | ||||||||
18 | EPL increased by 3%. 29% "extra investment allowance" removed, but the 100% 1st year CA relief remains | ||||||||
19 | The first two taxes - RFCT and the supplementary charge are known as the "permanent regime", and are remaining unchanged |